Peay v. Duncan
Supreme Court of Arkansas
Appeal from Monroe Circuit Court in Chancery. Hon. George W. Beazley, Circuit Judge. In Duncan et al. vs. Biscoe et al., 2 Eng. Rep. 175, this Court decided this, and no more than this: that the naked stock mortgage was no statutory, or legal security, for moneys borrowed from the bank by a stockholder. That is all that can be made of that decision — utterly and radically wrong as it was even to that extent.
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Appeal from Monroe Circuit Court in Chancery. Hon. George W. Beazley, Circuit Judge. In Duncan et al. vs. Biscoe et al., 2 Eng. Rep. 175, this Court decided this, and no more than this: that the naked stock mortgage was no statutory, or legal security, for moneys borrowed from the bank by a stockholder. That is all that can be made of that decision — utterly and radically wrong as it was even to that extent. Wilson vs. Biscoe et al., 6 Eng. 44. Now it so happens that a mere statute mortgage is not the only means whereby a party can obtain a lien on real estate for the security of money,…
1Opinion of the CourtChief Justice English
This was a bill to foreclose a mortgage, filed in the Monroe Circuit Court, 23d June, 1848. The original complainants were Henry L. Biscoe, Sandford C. Faulkner, and others, residuary Trustees of the Real Estate Bank, under the deed of assignment. In the progress of the cause it was shown that, by an order of the Chancery Court for Pulaski county, the Trustees had been removed, and the assets of the Bank placed under the management of Gordon N. Peay, as Receiver, and he was substituted as complainant in the bill.
The defendants were William B. Duncan, Francis Surget, John Ker, Alfred Mullins,…
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